Presided Over by Policy Chief Kim Yongbeom
Attended by Vice Ministers from the Ministry of Trade, Industry and Energy, Ministry of Economy and Finance, and Ministry of Foreign Affairs
The Presidential Office will hold an emergency response meeting on the afternoon of July 8, presided over by Policy Chief Kim Yongbeom, in response to U.S. President Donald Trump sending a letter announcing the imposition of a 25% reciprocal tariff starting August 1.
The Presidential Office announced that it plans to hold a "Korea-U.S. Trade Issues Interagency Response Meeting" at 1:30 p.m. that day. Attendees from the Presidential Office will include Senior Secretary for Economic Growth Ha Junkyung, Third Deputy Director of the National Security Office Oh Hyunjoo, and Secretary for Industrial Policy Yoon Sunghyuk. From relevant ministries, participants will include Minister for Government Policy Coordination Yoon Changryul, as well as vice ministers from the Ministry of Trade, Industry and Energy, the Ministry of Economy and Finance, and the Ministry of Foreign Affairs.
Earlier that day, President Donald Trump sent the so-called "tariff letter" stating that a 25% reciprocal tariff would be imposed on all Korean imports starting August 1. Japan also received notification of a 25% tariff, the same as Korea, with President Trump targeting the two allies first and raising the level of pressure. The Korean government now faces the critical task of securing the greatest possible tariff reduction through active negotiations with the United States during the remaining three-week grace period.
President Trump stated that the new reciprocal tariff would be applied separately from existing item-specific tariffs. The United States currently imposes a 25% tariff on imported automobiles and auto parts, and a 50% tariff on steel and aluminum. According to foreign media, the reciprocal tariff will not be added on top of item-specific tariffs. President Trump also announced that high tariffs would be imposed on transshipment via third countries.
Participants in the meeting are expected to analyze the contents of President Trump's letter, review possible changes and shocks that may arise, and comprehensively assess the status of tariff negotiations. The Ministry of Trade, Industry and Energy issued a statement immediately after President Trump's "tariff letter" was sent, saying, "We view the letter as effectively extending the grace period for reciprocal tariffs until August 1, and we will accelerate negotiations during the remaining period to swiftly resolve uncertainties caused by the tariffs and to achieve mutually beneficial results."
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